BETA Technologies Inc (NYSE:BETA – Get Free Report)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $20.38, but opened at $22.46. BETA Technologies shares last traded at $23.7290, with a volume of 640,811 shares trading hands.
The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.03. BETA Technologies had a negative net margin of 1,913.91% and a negative return on equity of 96.24%. The company had revenue of $17.67 million for the quarter. During the same quarter in the previous year, the company posted ($9.83) earnings per share. The business’s revenue for the quarter was up 98.6% on a year-over-year basis.
Analysts Set New Price Targets
A number of research analysts have recently commented on BETA shares. BTIG Research reaffirmed a “buy” rating and set a $33.00 target price on shares of BETA Technologies in a research note on Thursday, August 13th. Weiss Ratings upgraded BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 14th. Needham & Company LLC reissued a “buy” rating and set a $34.00 price target on shares of BETA Technologies in a research note on Wednesday, October 21st. Wall Street Zen upgraded BETA Technologies from a “sell” rating to a “hold” rating in a report on Sunday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $31.00 price objective on shares of BETA Technologies in a report on Monday, October 5th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $31.50.
Get Our Latest Stock Report on BETA Technologies
Insider Activity
In related news, Director Michael Stone acquired 13,125 shares of the stock in a transaction on Wednesday, September 2nd. The stock was bought at an average cost of $19.19 per share, with a total value of $251,868.75. Following the transaction, the director directly owned 1,792,994 shares in the company, valued at approximately $34,407,554.86. This represents a 0.74% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kyle Clark sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $25.42, for a total transaction of $762,600.00. Following the completion of the transaction, the insider owned 5,396,941 shares in the company, valued at $137,190,240.22. This represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 353,901 shares of company stock worth $8,097,418 in the last ninety days. 24.47% of the stock is currently owned by insiders.
Institutional Trading of BETA Technologies
Institutional investors and hedge funds have recently modified their holdings of the stock. Masters Capital Management LLC purchased a new stake in shares of BETA Technologies in the 1st quarter worth $10,290,000. Bank of America Corp DE increased its stake in shares of BETA Technologies by 117.2% during the first quarter. Bank of America Corp DE now owns 348,097 shares of the company’s stock valued at $5,117,000 after buying an additional 187,807 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of BETA Technologies during the second quarter valued at $2,877,000. Cliftonlarsonallen Wealth Advisors LLC bought a new stake in shares of BETA Technologies in the third quarter valued at about $2,905,000. Finally, Squarepoint Ops LLC bought a new stake in shares of BETA Technologies in the second quarter valued at about $2,045,000.
BETA Technologies Price Performance
The firm has a fifty day moving average of $20.76 and a two-hundred day moving average of $19.10. The stock has a market capitalization of $5.33 billion and a P/E ratio of -1.82. The company has a debt-to-equity ratio of 0.11, a current ratio of 14.47 and a quick ratio of 14.47.
BETA Technologies Company Profile
BETA Technologies is an aerospace company developing electric aircraft and the infrastructure needed to support electric aviation. Founded in 2017 and headquartered in South Burlington, Vermont, the company focuses on zero-emission aircraft for cargo, logistics, passenger, medical and defense applications.
BETA’s aircraft portfolio includes the ALIA electric vertical takeoff and landing (eVTOL) aircraft and the ALIA CTOL fixed-wing aircraft, which is designed for conventional runway operations.
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